The financial statements of M&S (GBR) are presented in Appendix A. The company's complete annual report, including

Question:

The financial statements of M&S (GBR) are presented in Appendix A. The company's complete annual report, including the notes to the financial statements, is available online.


Instructions

Refer to M&S's financial statements and the accompanying notes to answer the following questions.

a. What were M&S's sales for 2016?

b. What was the percentage of increase or decrease in M&S's sales from 2015 to 2016?

c. In its notes to the financial statements, what criteria does M&S use to recognize revenue?

d. How does M&S account for discounts and loyalty schemes? Does the accounting conform to accrual-accounting concepts? Explain.

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Related Book For  book-img-for-question

Intermediate Accounting IFRS

ISBN: 978-1119372936

3rd edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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